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VA Home Loan Eligibility

VA Home Loan eligibility essentially comes down to whether or not you, or your spouse, can claim status as United States military veteran. Note that loans are not one hundred percent guaranteed under the VA home loan plan, but all eligible are free to apply, and it is much easier to land a good home loan, and a good home, by going through the VA program.

Defining "Veteran"

In the common sense, "veteran" can be applied to anyone who has served in the military. This is suitable when you're just casually speaking, but when it comes to the VA loan program, the definition of "veteran" is a little more specific. The following groups of people are considered veterans under the program...

Wartime Veterans having served between 9/16/1940 and 7/25/1947 (World War II)

Wartime Veterans having served between 6/27/1950 and 1/31/1955 (Korean War)

Wartime Veterans having served between 8/5/1964 and 5/7/1975 (Vietnam War)

Peacetime Veterans having served between 7/26/1947 and 6/26/1950

Peacetime Veterans having served between 2/1/1955 and 8/4/1964

Enlisted Peacetime Veterans having served between 5/8/1975 and 9/7/1980

Peacetime Veterans of Officer Rank having served between 5/8/1975 and 10/16/1981

This is, of course, assuming that certain requirements are met.

Eligibility Requirements

Basic Requirements

You must have served for at least 90 days to qualify as a veteran

You must not have been dishonorably discharged to qualify

If you have were honorably discharged on the grounds of disability, you may or may not have served 90 full days

Detailed Requirements

For enlistees having served after 9/7/1980 and officers having served after 10/16/1981...

You must have completed 24 months of continuous active duty

You must not have been dishonorably discharged

You must have completed at least 181 days of active duty

You may have been discharged on the grounds of disability

For those having served after 8/2/1990 to a date as yet to be determined...

You must have completed 24 months of continuous active duty

You must not have been dishonorably discharged

You may have been discharged on the grounds of disability

You must have completed at least 90 days of active duty

For select reservists and National Guard...

You must have completed 24 months of continuous active duty

You must not have been dishonorably discharged

You may have been discharged on the grounds of disability

You were placed on the retired list

You continue to serve in the armed forces

Spouse Eligibility

Spousal eligibility ensures that those who are married to veterans are able to collect on the benefits offered by the VA program. However, there are requirements for spouses looking to take out a VA loan. The following spouses of US military veterans are eligible for VA loans...

Spouse of veteran who has not remarried

Spouse of veteran who died in the line of duty

Spouse of veteran who remarried after the age of 57

Spouse of veteran who is a prisoner of war or missing in action

Spouse of veteran having remarried after December 16, 2003

Other Eligible Parties

The above listed groups make up the vast majority of those who are eligible for VA loans, however, special cases may be made for certain other groups, and the following are eligible for VA loans under specific circumstance...

Certain United States citizens who served in the military of an allied nation during World War II

Individuals who have served in certain service-based organizations, such as Public Health Service officers, cadets of the United States Military Academy, the Air Force Academy, or the Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration and merchant seaman with WW II service history.

If you're weighing your options, you should go over the above listings again and see if you're eligible. If you are, there's absolutely no reason not to look into a VA home loan. There are literally countless benefits to using the VA loan program and no downsides. If you qualify, you can save time and money with a VA home loan.